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2018 (8) TMI 1435 - HC - Income TaxReopening of assessment beyond 4 years u/s 147 - computation of Capital Gain - sale of four agricultural lands - revenue contended that, assessee had no agriculture land for more than two years before transfer and there was no evidence that the land was put to agriculture use in the last two years before sale. - Held that:- The Assessing Officer examined the transactions and the petitioner’s claim during the assessment proceedings. As noted multiple queries were raised. All such queries were answered. Documents called for were supplied. It was only after thorough investigation that the Assessing Officer passed order of assessment. Additionally, we also notice that in the context of notice of reopening which is issued beyond the period of four years from the end of relevant assessment year, there is nothing on record to suggest that there was any failure on the part of the assessee to disclose truly and fully all material facts necessary for assessment. Thus an essential pre condition to enable the Assessing Officer to issue notice of reopening is not satisfied. - Decided in favor of assessee.
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